Hats off to FARIS FOODS for
being our Featured Client.
Faris Foods, family owned by Ali and Fari
Fallahnejad, is a Specialty Food
Distributor located in Philadelphia and a
long standing client of
Hands on Accounting.
They are being honored for the amazing
improvement of turning in their work in a
timely manner, answering all questions
completely, and using
Hands on Accounting’s
Pay Bill online feature.
Congrats FARIS FOODS for a
job well done!
!
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Men’s Clothing:
• Pants: $4.00-$12.00
• Shirts: $3.50-$10.00
• Sweaters: $4.00-$10.00
• Jacket: $6.00-$30.00
• Overcoat: $10.00-$50.00
• Suits: $12.00-$60.00
• Belts/ties: $3.00-$6.00
• Shoes: $4.00-$30.00
Household Items:
Blankets: $3.00-$10.00
Bedspreads: $6.00-$30.00
Curtains: $4.00-$12.00
Drapes: $8.00-$40.00
Throw Rugs: $3.00-$12.00
TV: $10.00-$80.00
Sofa: $20.00-$150.00
Lamps: $6.00-$25.00
End Table: $12.00-$60.00
Coffee Table: $10.00-$50.00
Double Bed: $20.00-$60.00
Single Bed: $15.00-$40.00
Paintings/Pictures:
$6.00-$30.00
Miscellaneous Items:
• Riding Mower: $80.00-$200.00
• Push Mower: $12.00-$100.00
• Power Edger: $6.00-$60.00
• Snow blower: $50.00-$150.00
• Sewing Machine: $10.00-$60.00
• Vacuum Cleaner: $15.00-$50.00
Women’s Clothing:
• Blouses: $3.50-$10.00
• Dresses: $5.00-$15.00
• Coats: $10.00-$50.00
• Jackets: $6.00-$30.00
• Sweaters: $4.00-$10.00
• Slacks: $4.00-$10.00
• Fur Coats: $20.00-$200.00
• Handbags: $3.00-$20.00
• Shoes: $4.00-$15.00
• Boots: $4.00-$20.00
Children’s Clothing:
• Jeans: $2.00-$6.00
• Pants: $2.00-$6.00
• Jackets: $4.00-$15.00
• Snowsuits: $6.00-$12.00
• Dresses: $3.00-$6.00
• Shirts: $2.00-$6.00
• Sweaters: $2.00-$6.00
• Shoes: $2.00-$6.00
• Boots: $3.00-$8.00
Sporting Goods:
Bicycle: $6.00-$50.00
Roller Skates: $6.00-$20.00
Sleds: $6.00-$20.00
Fishing Rods: $6.00-$30.00
The News on Tax-Free Employer Provided Health Coverage
Starting in 2010 and continuing until 2013, eligible small business employers (less than 25 employees and annual
wages of less than $50,000) will receive up to a 35% tax credit on contributions to their employee’s health
insurance premiums. Also included in this Act, parents can now cover adult children up to the age of 26 under their
tax-qualified employer-provided health plan. Employers with cafeteria plans (plans that allow employees to choose
from a menu of tax-free benefit options and cash or taxable benefits) will allow employees to begin making pre-tax
contributions to pay for this expanded benefit. Self-employed individuals may qualify for the self-employed health
insurance deduction on their federal income tax return.
These changes give employers a unique opportunity to offer a worthwhile benefit to their employees.
Starting in 2011 states will receive funding to establish the web-based state insurance exchanges, called Small
Business Health Options Programs (SHOP). Exchanges will allow small businesses to form alliances and purchased
insurance policies together at reduced rates. There’s a lot more to be found out at www.irs.gov.
Who Claims it…
Always a confusing topic during tax season is the question of Student Loan Interest and who claims it (the
student or the parent). You can take an above the line deduction of up to $2,500 per year (income phase-outs
apply) on Student Loan Interest. A qualified student loan is one taken out to pay qualified higher education
expenses for you, your spouse, or a person who was your dependent when you took out the loan. If your child
is a dependent on your return, then the child MAY NOT deduct the interest on their return. Furthermore,
the parent MAY NOT deduct the interest where the student is the borrower-legally obligated to repay the
loan.
During college, either the student and/or the parent can take out a student loan to cover educational
expenses. If the student takes out the loan, while they are a dependent on their parent’s return, they MAY
NOT deduct Student Loan Interest. Most students elect to defer the interest until after they graduate.
Typically, after they graduate, they are no longer a dependent on their parent’s return and accordingly, can
begin deducting Student Loan Interest on their own return. In addition to the student taking out loans, many
parents also take out Student Loans. In this case, the parent deducts the Student Loan Interest both while
the student is in school and after the student graduates. Again, note one loan is the student’s loan
(deductible by the student if they are NOT claimed on the parent’s tax return or the time period after they
are no longer a dependent on their parent’s return) and the other loan is the parent’s (deductible by the
parent at all times).
Eric Catalina, CPA
Vinese Goldschmidt
Jennifer Quinn
39A South Broadway, 2nd Floor
Gloucester, NJ
Phone #: 856-456-6111
Fax #: toll free 866-929-9873
